First of all, if characters are erased, now people will know what fans felt like during COIE back in the day. I lost Linda, the original Supergirl, and got back a pale imitation, and Clark and Bruce wound up more enemies than friends. Meh.
Frankly, I haven't cared about canon for years, figuring that DC will just reboot or retcon what I care about, anyway. Why invest myself emotionally in characters that will be drastically changed or erased? I mean, I care about them, but they live in my heart no matter what DC does to them in canon. So I keep up with canon through Scans_Daily and other people's journals and write my fanfic and am very happy. Just don't kill off Dick and I won't march on DC's HQ! ;)
Titles will revert back to #1 (Goodbye, Action #1000), and probably the one title I bother to buy will be erased, so I can save my $2.99 a month. All sorts of rumors are flying around about Babs as Batgirl and Dick as Robin again, but we heard these rumors the last reboot. And, remember, folks, DC will reboot in a couple of years again, anyway! ;)
Rumor has it that Steve Trevor will be Diana's love interest again after she dallies with Clark, so that would make me happy. About time! And if Lois and Clark aren't married anymore, so be it. I was never a big fan of Clois, though I certainly didn't dislike their marriage. Whether the marriage stays or goes doesn't matter to me either way. I can live with both scenarios.
I guess our fandom here on-line will have a lot of new ideas whether from happy or disgruntled fans. Might be good for fanfic and fanart! ;)